Millennium Management LLC Has $140.81 Million Stock Position in Hormel Foods Co. (NYSE:HRL)

Millennium Management LLC raised its holdings in Hormel Foods Co. (NYSE:HRL) by 6.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,488,678 shares of the company’s stock after buying an additional 261,742 shares during the quarter. Millennium Management LLC owned 0.82% of Hormel Foods worth $140,810,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new stake in Hormel Foods in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Hormel Foods during the 4th quarter worth approximately $44,000. Capital Advisors Ltd. LLC grew its holdings in shares of Hormel Foods by 86.9% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company’s stock worth $47,000 after purchasing an additional 690 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Hormel Foods by 91.8% during the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company’s stock worth $48,000 after purchasing an additional 729 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Hormel Foods during the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL stock opened at $29.35 on Wednesday. The stock’s fifty day simple moving average is $29.90 and its 200 day simple moving average is $30.32. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.32 and a quick ratio of 1.19. The firm has a market cap of $16.14 billion, a price-to-earnings ratio of 20.10, a P/E/G ratio of 2.73 and a beta of 0.34. Hormel Foods Co. has a one year low of $27.59 and a one year high of $36.86.

Hormel Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, April 14th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.95%. The ex-dividend date is Monday, April 14th. Hormel Foods’s dividend payout ratio is 84.67%.

Insider Activity at Hormel Foods

In related news, Director Elsa A. Murano sold 4,500 shares of the business’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total value of $136,800.00. Following the sale, the director now owns 95,488 shares of the company’s stock, valued at $2,902,835.20. The trade was a 4.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on HRL. Bank of America raised Hormel Foods from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $29.00 to $35.00 in a report on Tuesday, April 15th. Stephens reissued an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a report on Tuesday, February 18th. Finally, Barclays raised Hormel Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $32.33.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.